Verde to Sell Carbon Credits

SINGAPORE, July 27, 2023 (GLOBE NEWSWIRE) -- Verde AgriTech Ltd (TSX: “NPK”) ("Verde” or the “Company”) is pleased to announce that it is in advanced negotiations to sell carbon credits to major international corporations that are established purchasers of permanent carbon offset. Currently, carbon credits for permanent carbon offset similar to Verde’s are being sold at prices up to US$500 per tonne.¹ The Company is able to generate up to 300,000 tonnes of carbon credit annually via its existing production facilities.

Verde’s silicate rock is rich in the mineral glauconite (the “Rock”), which once processed and applied to the soil removes carbon dioxide ("CO₂") from the air through a process called Enhanced Rock Weathering (“ERW”).² ERW permanently locks CO₂ into the new mineral structure.³ In 2022 the carbon credit markets totalled US$ 909 billion in transactions.⁴

The Company is fully permitted and equipped to mine and process up to 2.8 million tonnes per year of Rock. To build its mines, Verde acquired farmland that had previously been deforested to open area for pastureland, as its mining progresses Verde fully recovers the land back to original native forests. To date, the Company has planted over 30,000 native and endangered trees.

Verde expects to close its first sales of carbon credit in Q3 2023.

About Verde AgriTech

Verde is an agricultural technology Company that produces potash fertilizers. Our purpose is to improve the health of all people and the planet. Rooting our solutions in nature, we make agriculture healthier, more productive, and profitable.

Verde is a fully integrated Company: it mines and processes its main feedstock from its 100% owned mineral properties, then sells and distributes the Product.

Verde’s focus on research and development has resulted in one patent and eight patents pending. Among its proprietary technologies are Cambridge Tech, 3D Alliance, MicroS Technology, N Keeper, and Bio Revolution.⁵ Currently, the Company is fully licensed to produce up to 2.8 million tonnes per year of its multinutrient potassium fertilizers K Forte and BAKS, sold internationally as Super Greensand. In 2022, it became Brazil's largest potash producer by capacity.⁶ Verde has a combined measured and indicated mineral resource of 1.47 billion tonnes at 9.28% K₂O and an inferred mineral resource of 1.85 billion tonnes at 8.60% K₂O (using a 7.5% K₂O cut-off grade).⁷ This amounts to 295.70 million tonnes of potash in K₂O. For context, in 2021 Brazil’s total consumption of potash in K₂O was 6.57 million⁸.